Self-employed and sole trader tax calculator
Self-employed and sole trader tax calculator
What is the sole trader tax tool?
Designed specifically for sole traders, the tax calculator gives you a profit and loss statement based on the transactions in your Starling sole trader account. What’s more, you’ll also see an estimation of your tax liability for the self-employment part of your self-assessment tax return. And to make sure you’re ready when the time comes, you can create a Goal to set aside money for your tax bill in a matter of clicks.
By playing this video you agree to YouTube's use of cookies. This use may include analytics, personalisation and ads.
Making sole trader tax less taxing
Estimate your tax bill (and more!) with our sole trader tax tool:
Understand your P&L
See a detailed profit and loss statement.
The full breakdown
Get insight into your tax liability, which includes Income Tax, National Insurance and Student Loan repayments.
Plan ahead
See how much your tax bill will cost and use Spaces to set money aside for it.
How does the sole trader tax calculator work?
Start by making sure we have the correct information about you - including your tax region, any student loan plans, and national insurance details. All looks good? Then you can use our sole trader tax calculator to see a profit and loss statement (based on transactions in your Starling account and any that you’ve manually added in the Bookkeeping section), with an expenditure breakdown that maps directly to the SA103F form (the self-employed part of your Self-Assessment Tax return).
The allowable income or expenditure is automatically set based on the business spending category assigned to a transaction - you can change the category and the allowable tax amount for a transaction in the Bookkeeping section, which all feeds into the Tax tool. You can also view estimates of your tax liability and set money aside using Spaces.
Where can I find the sole trader tax calculator?
Once you’ve subscribed to the Business Toolkit in your mobile app, log in to online banking on your desktop. You’ll see a tab on the left side of the window. From there, click ‘Tax’.
Log in to online bankingThe rundown
Real-time Self-employed tax estimation
National Insurance estimation
Student loan repayment estimation
Set money aside for a real-time tax goal
Profit & Loss report
Expenditure breakdown to help you complete your self-assessment tax return
Useful tools to highlight outstanding bookkeeping
Supports bespoke accounting periods
Supports different UK tax regions
Want to know more?
Check out the FAQs for our sole trader tax estimation tool, or discover all of the additional great features of our Business Toolkit.
Get more out of Starling
Already got a business account? Add a personal account to your lineup in just a few taps. You’re already all set up, so it’ll take seconds.
Find out more